The global corrosion inhibitors market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Corrosion inhibitors are specialty chemicals used to decrease the corrosion rates of a material, typically a metal or an alloy. Corrosion inhibitors are highly effective in preventing corrosion of metal parts and equipments. The major use of corrosion inhibitors is for power generation, oil & gas, refinery, pulp & paper, chemical processing, and metal & mining and industrial applications.
Based on solubility, corrosion chemicals can be water-based and oil-based.
Based on the type of chemicals used, corrosion inhibitors can be organic and Inorganic. Some of the organic corrosion inhibitors include amines, phosphonates etc. And inorganic corrosion inhibitors include nitrites/nitrates, silicates etc.
As corrosion inhibitors are used in power generation, oil & gas, refinery, pulp & paper, chemical processing, metal & mining and other industries, demand from these industries is expected to increase the growth of corrosion inhibitors market. Demand from power generation, oil & gas, refinery, pulp & paper, chemical processing, metal & mining and other markets are actually increasing because of growing economy in developing countries. Additionally, rising demand from various other industries such as desalination, wastewater treatment and others are likely to drive corrosion inhibitors market.
Drivers and Restraints of Corrosion Inhibitors Market
Growing investments in power generation, oil & gas, refinery, pulp & paper, chemical processing, metal & mining and other industries in regions like Asia and the Americas are likely to offer tremendous possibilities for corrosion inhibitors market in the future. As the production of corrosion inhibitors requires low intensive capital and has higher accessibility to raw material, many multinational businesses are investing in the market.
Corrosion inhibitors have an adverse effect on human surroundings if exposed to it for a longer duration. Their acute toxicity often makes environmental regulatory institutions to implement strict regulations on corrosion inhibitors usage. Existing and future regulations concerning the use of certain corrosion inhibitors are likely to hinder the market growth.
Corrosion Inhibitors Market by Region
Asia was the largest consumer of corrosion inhibitors and this pattern is anticipated to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity. Growing demand from power generation, oil & gas, refinery, pulp & paper, chemical processing, metal & mining and other industries will drive corrosion inhibitors market in Asia. With major production capacities in Asia, the region is likely to grow in terms of global supply capability. Consumption of corrosion inhibitors in the Americas is likely to grow at a significant rate due to demand from power generation, oil & gas and refinery industry. Demand from Europe was relatively stable and is likely to stay same in the next few years. MEA region has seen a significant rise in consumption and will continue to increase over the forecast period.
Top players in this market include Ecolab, Ashland, BASF, Lubrizol Corporation, DuPont, GE Water, Akzo Nobel NV and Henkel AG among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth